Tuition is expected to increase with an average of 5% per yearfor the next 5 years. The annual cost of tuition at the beginning of yourfreshman year in college will be $ 45,000. How much money will...

Tuition is expected to increase with an average of 5% per year for the next 5 years. The annual cost of tuition at the beginning of your freshman year in college will be $ 45,000. How much money will you and your parents have to deposit in a mutual fund account one year prior to your freshman year to pay for your tuition for the 5 years you will spend earning your degree in engineering? The mutual fund will earn an average of 6% annual interest.